Publish What You Pay – United States Director, Jana Morgan’s, statement
in response to President Trump’s signing of a Congressional Review Act
resolution of disapproval (HJ Res 41) voiding the implementing
regulations for the bipartisan Cardin-Lugar anti-corruption provision,
also known as Section 1504 of the Dodd-Frank Act:

“We are disappointed today that President Trump has signed legislation
repealing the regulation implementing the landmark Cardin-Lugar provision,
which requires oil, gas and mining companies to publish their payments to
governments. This regulation would have
combatted grand corruption
by shining a light on billions of dollars in illicit payments, helped
to cut-off the flow of money to terrorist networks
, given investors a better understanding of their investment risks, and
empowered civil society groups around the world to hold their governments
accountable for how their natural resource wealth is being managed.”

“Despite this set-back, Section 1504 remains the law, and the Securities
and Exchange Commission is mandated to produce a regulation in line with
Congressional intent. Furthermore, the Cardin-Lugar provision sparked the
passage of similar laws now being implemented in 30 countries around the
world. The international transparency standard in here to stay.”